December 15, 2016 / 9:58 PM / a year ago

Brazil's Sao Martinho in pact with Petrobras for stake in ethanol unit- filing

SAO PAULO, Dec 15 (Reuters) - Brazils Sao Martinho SA has agreed to acquire the state-controlled Petróleo Brasileiro SAs 49 percent stake in ethanol unit Nova Fronteira Bioenergia SA, the company said in a securities filing on Thursday.

São Martinho, which already controls the joint venture, said in the filing the company will issue 24 million new shares, equivalent to 6.6 percent of its capital, and transfer them to Petrobras to pay for the acquisition. Reuters reported on Wednesday both companies would sign an agreement on Thursday, valuing the stake at up to 500 million reais ($148 million).

$1 = 3.3690 reais Reporting by Tatiana Bautzer; Editing by Bernard Orr

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